which result in improved and highly accurate loss forecasting, pricing and account selection that ultimately produces consistent profitable results.

which result in improved and highly accurate loss forecasting pricing and account selection that ultimately produces consistent profitable results


As we balance our priorities for the future deployment of our free cash flow, both dividends and stock repurchases will be important mechanisms to return capital to shareholders.

as we balance our priorities for the future deployment of our free cash flow both dividends and stock repurchases will be important mechanisms to return capital to shareholders


in terms of looking at utility for excess cash, whether that would be in the form of a share buyback, a dividend or an acquisition.

in terms of looking at utility for excess cash whether that would be in the form of a share buyback a dividend or an acquisition


ours and Bayer's, serve as validation of our discovery capabilities and a clear indication of the potential value of each of these first-in-class drug programs.

hours and buyers service validation of our discovery capabilities and a clear indication of the potential value of each of these first-in-class drug programs


We've been getting good pricing and what we consider to be good margins on our equipment sales. So there's no real read through on a sort of like that.

we've been getting good pricing and what we consider to be good margins on our equipment sales so there's no real read-through on a sort of slight variance like that


What is your expectation through the course of the year? As you mentioned, we are seeing some changes in the competitive landscape. Is the expectation that you're able to continue to drive churn lower through the course of the year?

what is your expectation through the course of the year as you mentioned we are seeing some changes in the competitive landscape is the expectation that you're able to continue to drive churn lower through the course of the year


in retail anyway. I think we should get faster to help our suppliers, particularly ASOS Design and own brand, but we just need to bed in what we've done and we'll get better from here.

in retail anyway i think we should get faster to help our suppliers particularly asos design and own brand but we just need to bed in what we've done and we'll get better from here


And we are now with the combination of those businesses really playing into a number of the trends around electric drive, around autonomous vehicle, around hybrid

and we are now with the combination of those businesses really playing into a number of the trends around electric drive around autonomous vehicle around hybrid


reduced, that is, by the grant of summary judgment in favor of all of our defendant Directors by the Nevada District Court prior to trial.

reduced that is by the grant of summary judgment in favor of all of our defendant directors by the nevada district court prior to trial


Our sustainable competitive advantages include our ongoing focus on developing and maintaining a multilingual branch staff

our sustainable competitive advantages include our ongoing focus on developing and maintaining a multilingual branch staff


We began an intensive product development period before launching our initial forklift batteries in fiscal 2017. We then had to be patient

we began an intensive product development period before launching our initial forklift batteries in fiscal 2017 we then had to be patient


Forward-looking statements are based on management's current assumptions and expectations of future events and trends, which may affect the company's business, strategy, operations or financial performance.

forward-looking statements are based on management's current assumptions and expectations of future events and trends which may affect the company's business strategy operations or financial performance


the opportunities for growth, we will continue to be aspirationally targeting double digit but prudently taking on the business that makes sense for us.

the opportunities for growth we will continue to be aspirationally targeting double digits but prudently picking on the business that makes sense for us


conservative reaction has always been in the past in times of volatility to carry more liquidity. So we weren't sure how quickly it would dissipate. It actually dissipated

conservative reaction has always been in the past in times of volatility to carry more liquidity so we weren't sure how quickly it would dissipate and it actually dissipated


industry is that technology will constitute a larger percentage. The reason being that there is no other line of spend which can actually claim to have a higher priority over technology.

industry is that technology will constitute a larger percentage the reason being that there is no other line of spend which can actually claim to have a higher priority over technology


The Biologics business reported one of its strongest performances ever in the fourth quarter, delivering robust revenue growth and an improved operating margin.

the biologics business reported one of its strongest performances ever in the fourth quarter delivering robust revenue growth and an improved operating margin


We continue to hear EXPAREL success stories from physicians who are using an opioid-minimization strategy as a catalyst to shift both large and small procedures to the ambulatory setting.

we continue to hear exparel success stories from physicians who are using an opioid minimization strategy as a catalyst to shift both large and small procedures to the ambulatory setting


particularly in cash and in our offshore investment propositions, again exactly what one would expect from a more risk-averse customer base in the current environment.

particularly in cash and in our offshore investment propositions again exactly what one would expect from a more risk-averse customer base in the current environment


I have to say I was at Kukui'la last week and saw the latest construction progress both in vertical construction on homes and the development of some new lots that we're

i have to say i was at kukuyula last week and saw the latest construction progress both in vertical construction on homes and the development of some new lots that were


Our focus is on containing our OpEx growth throughout the remainder of the year, which is within our control and a key component of proving that the business model is working.

our focus is on containing our opex growth throughout the remainder of the year which is within our control and a key component of proving that the business model is working


Second, higher oil prices will likely encourage greater oil investment and generate positive linkages with other activities in the economy down the supply chain. Third,

second higher oil prices will likely encourage greater oil investment and generate positive linkages with other activities in the economy down the supply chain third


One, we want to improve our control over our direct scope of work. We want to improve our execution on these projects and ultimately mitigate our potential risk.

one we want to improve our control of our direct scope of work we want to improve our execution on these projects and ultimately mitigate our potential risk


what is among the worst things you can do if you're a public company, well, it's one thing to mislead your investment community about your business. I would say it's even worse to mislead

what is -- among the worst things you can do if you're a public company well it's one thing to mislead your investment community about your business i would say it's even worse to mislead


The breadth and depth of the glemba and varli programs should provide us with a data rich 2017 and clearly define the potential of these product candidates.

the breadth and depth of the galena and varley programs should provide us with a data-rich 2017 and clearly define the potential of these product candidates


These statements are estimates based on management's current expectations and involve risks and uncertainties that could cause them to differ materially from actual results.

these statements are estimates based on management's current expectations and involve risks and uncertainties that could cause them to differ materially from actual results


what happened was that we were back on track. So for industrial, medical included, as well as automotive, in all these different applications,

what happened was that we were back on track so for industrial medical included as well as automotive and all those different applications


We assume no obligation to update any forward-looking statements. Most of today's presentation will refer to non-GAAP financial results and outlooks.

we assume no obligation to update any forward-looking statements most of today's presentation will refer to non-gaap financial results and outlooks


we're a lot smarter going into this budgeting process than we were perhaps going into the last budgeting process. And that's what you'd expect me to say, of course. But we're going to always be,

we're a lot smarter going into this budgeting process than we were perhaps going into the last budgeting process and that's what you'd expect me to say of course but we're going to always be


Thank you. Through our regional and product diversification, we're able to minimize the current challenging market

thank you through our regional and product diversification we're able to minimize the current challenging market


We believe that our unbranded narcolepsy disease awareness efforts are helping patients, as evidenced by the increase in newly diagnosed narcolepsy patients during the investment period.

we believe that our unbranded narcolepsy disease awareness efforts are helping patients as evidenced by the increase in newly diagnosed narcolepsy patients during the investment period


So move on -- moving on to credit quality. I'm glad to report that we have made important progress to resolve 2 of the problematic loans we had in our portfolio.

so move on -- moving on to credit quality i'm glad to report that we have made important progress to resolve 2 of the problematic loans we had in our portfolio


We're implementing the strategies that we feel are right for our business to improve our financial performance and grow over time. Part of that is improving our realization

we're implementing the strategies that we feel are right for our business to improve our financial performance and grow over time part of that is improving our realization


and we want to make sure we offer the right tires at the right price points for our customers. Lastly, I would like to provide an update on our productivity and team engagement initiatives.

and we want to make sure we offer the right tires at the right price points for our customers lastly i would like to provide an update on our productivity and team engagement initiatives


We expect this story to recur at new DDR again and again, where incremental closures represent net opportunity for stakeholders.

we expect this story to recur at new ddr again and again where incremental closures represent net opportunity for stakeholders


everywhere in the industry. I mean, when you become familiar with what -- how this thing ends up, it's going to be so similar to what already exists that you'll be

everywhere in the industry i mean when you become familiar with what -- how this thing ends up it's going to be so similar to what already exists that you'll be


So you're right. We've had one of these several ago, but we are again going back and reinforcing all of our fire safety protection systems on all our facilities worldwide.

so you're right we've had one of these several years ago but we're again going back and reinforcing all of our fire safety protection systems on all our facilities worldwide


These regions are both high-growth opportunities in the long term, and we value the diversification of our portfolio and the resilience and stability it provides.

these regions are both high-growth opportunities in the long term and we value the diversification of our portfolio and the resilience and stability it provides


by leveraging the benefits of our strategy of focusing on higher-margin tank repair and service, expanding our mobile fleet, and growing the number of customer site service locations.

by leveraging the benefits of our strategy of focusing on higher margin tank repair and service expanding our mobile fleet and growing the number of customer site service locations


And accordingly, last year's innovation was named after a portion size. It was called Perfect Size for 1. And that cake frame of reference was highly limited.

and accordingly last year's innovation was named after a portion size it was called perfect size for one and that cake frame of reference was highly limited


You will note that there are no adjustments to our current quarter GAAP reported amounts as all activities associated with our fiscal 2018 restructuring plan

you will note that there are no adjustments to our current quarter gaap reported amounts as all activities associated with our fiscal 2018 restructuring plan


where our near-term share positions were negatively impacted by aggressive competitive trade promotions. Brian will discuss market share in more detail in a moment.

where our near-term share positions were negatively impacted by aggressive competitive trade promotions brian will discuss market share in more detail in a moment


give you some ideas on that. Now this is probably one of the more important slides. Not that they all aren't important but this gives you an idea of why we're so confident in our forecast.

give you some ideas on that now this is probably one of the more important slides not that they all aren't important but this gives you an idea of why we're so confident in our forecast


So -- and the good news about that is that kind of construction is very aggregate intensive, both with new subdivisions and a lot of houses. So

so -- and the good news about that is that kind of construction is very aggregate intensive both with new subdivisions and a lot of houses so


I'm curious what your view is as to how much inflation we should start to expect to see over the next year. And

i'm curious what your view is as to how much inflation we should start to expect to see over the next year and


The new program will be funded through organically-generated free cash flow and the anticipated monetizations of certain noncore assets held in the portfolio today.

the new program will be funded through organically generated free cash flow and the anticipated monetizations of certain noncore assets held in the portfolio today


quite frankly, it's because people love working for FedEx. We actually started a program called Friends and Family. So our employees, when their sons and daughters come back from college, we hire them.

quite frankly it's because people love working for fedex we actually started a program called friends and family so our employees when their sons and daughters come back from college we hire them


revenue and earnings growth in the second half of fiscal 2018. Our plans remain on target to improve operating income at the FedEx Express segment

revenue and earnings growth in the second half of fiscal 2018 our plans remain on target to improve operating and income at the fedex express segment


We have sufficient cash to complete the pivotal trial for our Corplex Donepezil program, and we are planning to secure one or more partnerships that would provide additional funding.

we have sufficient cash to complete the pivotal trial for our corplex-denefizil program and we are planning to secure one or more partnerships that would provide additional funding


left that Public Service Commission. Is there any indication that we may see any delays in that rate case coming through because of the changes at the commission level?

left that public service commission is there any indication that we may see any delays in that rate case coming through because of the changes at the commission level


to hit the plan that we are expecting ourselves to hit with regard to the regionalization of the sales organization, coverage, our e-commerce tools,

to hit the plan that we are expecting ourselves to hit with regard to the regionalization of the sales organization coverage our e-commerce tools


The new cost-savings program that we have announced today is the first step in the right direction to correct the situation.

the new cost savings program that we have announced today is the first step in the right direction to correct the situation


there was a very big stress in Brazil because of incoming elections. And at the end of the year, growth was

there was a very big stress in brazil because of incoming elections and at the end of the year growth was


This was a reversal from the negative trends we had seen through the first 6 months of the year related to the lingering effects of inexpensive Chinese imports.

this was a reversal from the negative trends we had seen through the first 6 months of the year related to the lingering effects of inexpensive chinese imports


and then by leveraging that traction to drive a catalyst-designed paradigm shift among global OEMs. We carry important commercial momentum into several key underserved markets

and then by leveraging that traction to drive a catalyst design paradigm shift among global oems we carry important commercial momentum into several key underserved markets


We are preparing for potential EU markets approval in the coming months. We are also getting ready for potential approvals in Japan and Canada this year,

we are preparing for potential eu markets approval in the coming months we are also getting ready for potential approvals in japan and canada this year


to really thinking about value -- thinking on a more focused basis about value creation through margin enhancement in these programs. And

to really thinking about value -- or thinking on a more focused basis about value creation through margin enhancement in these programs and


Dave has been a value leader as CEO and as a pillar in the industry and we are lucky to have them remain on the board where we can continue to benefit from his perspective.

dave has been a value leader as ceo and as a pillar in the industry and we are lucky to have him remain on the board where we can continue to benefit from his perspective


Before we delve into our results, I want to take a moment and recognize Dave Rogers as one of our fore founders and for his 35 years of service and commitment to Life Storage.

before we delve into our results i want to take a moment and recognize dave rogers as one of our four founders and for his 35 years of service and commitment to life storage


what is the level of optimism? And I will tell you that there is a higher level of optimism today than there certainly was a year ago or 2 years ago at this point.

what is the level of optimism and i will tell you that there is a higher level of optimism today than there certainly was a year ago or 2 years ago at this point


Of course, it's the same we do see with our customer interaction. We do offer a wide range of delivery options and added services.

of course it's the same we do see with our customer interaction we do offer a wide range of delivery options and added services


While all of this suggests attractive long-term opportunities for HealthSouth in terms of gaining incremental market share, the downside risks are modest.

while all of this suggests attractive long-term opportunities for healthsouth in terms of gaining incremental market share the downside risks are modest


And I think there was a period of time in the market that if we had to look back to in 2012, the end of '12, second half of '12 and

and i think there was a period of time in the market that if we had to look back to in 2012 the end of 12 second half of 12 and


Each contractor has a different set of workforce. We've been -- I think the contrast is that polyethylene unit's pretty much complete on time, on budget, as we talked about in the second quarter of next year.

each contractor has a different set of workforce we've been -- i think the contrast is that polyethylene units pretty much complete on time on budget as we talked about in the second quarter of next year


As we further build our cash balances, we will also evaluate inorganic strategies, including the acquisition of quality educational institutions and programs

as we further build our cash balances we will also evaluate inorganic strategies including the acquisition of quality educational institutions and programs


accelerated. I think that the performance that we have lagged behind is now becoming a little bit more market specific

accelerated i think that the performance that we have lagged behind is now becoming a little bit more market specific


And in case of the Robinson mine, we have a fluctuation of the ore quality, which has immediate impact on our production

and in case of the robinson mine we have a fluctuation of the ore quality which has immediate impact on our production


We're happy with what we see as the profitability trend in LALA drinkables. And we have to make some strategic decisions regarding the Culture business

we're happy with what we see as the profitability trend in lala drinkables and we have to make some strategic decisions regarding the culture business


So this 1% comp decline and knowing that we really can't leverage on that. And look, our teams have got plans in place to address that over the balance of the year.

so this 1% comp decline and knowing that we really can't leverage on that and look our teams have got plans in place to address that over the balance of the year


which remains untapped for Five Below. It is important to remember, that while our merchandise offering targets the preteen and teen demographics,

which remains untapped for five below it is important to remember that while our merchandise offering targets the pre-teen and teen demographics


So you can capture those things and then it just drops right to the bottom line. So I'm looking forward to seeing the new year and what our investments will bring

so when you can capture those things i mean it just drops right to the bottom line so i'm looking forward to seeing the new year and what our investments will bring us


in the growth market of Texas. We also successfully did a simultaneous close on our remedy solution here in Canada with Parkland.

in the growth market of texas we also successfully did a simultaneous close on our remedy solution here in canada with parkland


a large Business Process Services contract with MetLife that we expected to close during the first quarter but was signed this past week.

a large business process services contract with metlife that we expected to close during the first quarter but was signed this past week


Now last year's first quarter operating margin included the benefit from a change in accounting methodology for employee equity plans.

now last year's first quarter operating margin included the benefit from a change in accounting methodology for employee equity plans


And from a pricing perspective, somewhat similar in terms of the benefits. Where we are seeing some drop has been a little bit in the industry environment which as we look at our channel checks, as we look at Black Box,

and from a pricing perspective somewhat similar in terms of the benefits where we are seeing some drop has been a little bit in the industry environment which as we look at our channel checks as we look at black box


Speaking of innovation, we are in the process of implementing Mistras Digital, our tablet-based platform that enables our technicians to electronically receive their work assignments,

speaking of innovation we are in the process of implementing mistrust digital our tablet-based platform that enables our technicians to electronically receive their work assignments


have a respite from caring for their loved ones. And it is very important to organize a network of

have a respite from caring for their loved ones and it is very important to organize a network of


first or next 4 calendar years after completion of the transaction. The implementation costs will be incurred in the first 2 years after closing.

first or next 4 calendar years after completion of the transaction the implementation costs will be incurred in the first 2 years after closing


These investments include bringing on new employees and building subcomponents, as David mentioned earlier. These investments have had an effect on our margins.

these investments include bringing on new employees and building subcomponents as david mentioned earlier these investments have had an effect on our margins


Working relationships with general contractors continue to be critically important, and customers are looking for solutions not just a specific service from us.

working relationships with general contractors continue to be critically important and customers are looking for solutions not just a specific service from us


What's interesting to actually note about it is that there's been an uptick in the number of diagnoses in the past 2 years, I think, because more clinicians are becoming more familiar with these diseases.

what's interesting to actually note about it is that there's been an uptick in the number of diagnoses in the past 2 years i think because more clinicians are becoming more familiar with these diseases


Would you expect improved pricing as a result of that limited supply of pineapples? And what would you say -- would something similar be true of bananas?

would you expect improved pricing as a result of that limited supply of pineapples and how -- what would you say would something similar be true of bananas


maybe an example of where you've over-served a customer? Is that how we should think about it? Well, yes, first of all, we haven't taken the process to

maybe an example of where you've over-served a customer is that how we should think about it yes well first of all we haven't taken the process to


continue to look very strong. And as mentioned in the script, we see no reason for us to change the pace that we are experiencing this year. And obviously, as we to get further into

continue to look very strong and as mentioned in the script we see no reason for us to change the pace that we are experiencing this year and obviously as we get further into


We'd like also to restate our satisfaction with the excellent response our margins have given to all the profitability protection measures implemented within the group in the previous years.

we would like also to restate our satisfaction with the excellent response our margins have given to all the profitability protection measures implemented within the group in the previous years


feeling good about the business. We're feeling good about the market opportunity and what lies ahead. Having said that, we have also and are still in the process of making a lot of changes to our business. We have new leadership

feeling good about the business we're feeling good about the market opportunity and what lies ahead having said that we have also and are still in the process of making a lot of changes to our business we have new leadership


If I can buy the textiles in India, I'll make them in India, and we have an Indian operation currently. And Indian textiles are beginning to come up to

if i can buy the textiles in india i'll make them in india and we have an indian operation currently and indian textiles are beginning to come up to


Yes, we think there is opportunity quite a bit within the auto industry to, kind of, increase their rate of adoption, just as you're saying.

yes we think there's opportunity quite a bit within the auto industry to kind of increase that rate of adoption just as you're saying


Newport's volume in the third quarter was up about 1% versus the prior year and was not significantly impacted by wholesale inventory changes.

newport's volume in the third quarter was up about 1% versus the prior year and was not significantly impacted by wholesale inventory changes


But we will not chase deal flow for deal flow's sake. One of the benefits of the breadth and diversity of our lending platform is that we are not forced to deploy capital.

but we will not chase deal flow for deal flow's sake one of the benefits of the breadth and diversity of our lending platform is that we are not forced to deploy capital


We have long been talking about our desire to grow our assets under management by acquiring a registered investment advisor, through strategy, growth outlook and culture aligned with ours.

we have long been talking about our desire to grow our assets under management by acquiring a registered investment adviser whose strategy growth outlook and culture align with ours


So as you can see, we are pouring our resources into wellness products and overseas business, which we regard as growth domains.

so as you can see we are pouring our resources into wellness products and overseas business which we regard as growth domains


This was largely due to the rapid acceptance of AbbVie's hepatitis C therapy, which works across multiple genes and does not require the same level of testing as previous therapies.

this is largely due to the rapid acceptance of abbey's new hepatitis c therapy which works across multiple genes and does not require the same level of testing as previous therapies


portfolio looks like toward the end of the first quarter after we close the acquisition. But I think that's a good conservative baseline.

portfolio looks like toward the end of the first quarter after we close the acquisition but i think that's a good conservative baseline


around the country, you'd find cities that eventually hit a spot where all those things added up to, it's not as quite as good as it used to be. I don't think we're there. So I think there is time left in our story.

around the country you'd find cities that eventually hit a spot where all those things added up to it's not quite as good as it used to be i don't think we're there so i think there's time left in our story


it's immaterial to your business today, likely to become more important over time, so just wondering how and if you're positioning your business to prepare for electric vehicle growth.

it's immaterial to your business today likely to become more important over time so just wondering how -- and if you're positioning your business to prepare for electric vehicle growth


And from here, we really do look forward to continuing to position Aratana as a collaborator of choice, as we continue to further define and execute on the exciting pet therapeutics model.

and from here we really do look forward to continuing to position aratana as a collaborator of choice as we continue to further define and execute on the exciting pet therapeutics model


And the primary quantitative metric by which we're measuring interest is the number of clinics that have ordered ENTYCE, and we are pleased to be well ahead of our objective on that metric.

and the primary quantitative metric by which we're measuring interest is the number of clinics that have ordered entice and we are pleased to be well ahead of our objective on that metric


In our prepared remarks, we may use some non-GAAP financial measures. Reconciliations of these measures to the most comparable GAAP measure are available in the supplemental section of our press release.

in our prepared remarks we may use some non-gaap financial measures reconciliations of these measures to the most comparable gaap measure are available in the supplemental section of our press release


increasing the sharing of disciplines between the new curriculum matrix and compatibility with former curriculum matrix.


Secondly, we want to have the highest quality sales associates in the industry. As a result, we are investing in a comprehensive sales and sales management training program.

secondly we want to have the highest quality sales associates in the industry as a result we are investing in a comprehensive sales and sales management training program


With respect to revenue, as we've mentioned previously, capital sales are ultimately driven by procedure growth, catalyzing hospitals to establish or expand robotic system capacity.

with respect to revenue as we've mentioned previously capital sales are ultimately driven by procedure growth catalyzing hospitals to establish or expand robotic system capacity


As a people business, we believe the ability to advance employees from within our organization is important to the continued success of our company.

as a people business we believe the ability to advance employees within our organization is important to the continuing success of our company


It also reflects reduced interest income on cash deposits, particularly in Argentina, following the relaxation of restrictions on remittances, and in India, where rates have come down.

it also reflects reduced interest income on cash deposits particularly in argentina following the relaxation of restrictions on remittances and in india where rates have come down


difficult to say at this stage what the outcome will be because that is really unclear to us, both when it will happen, when we will have an outcome and also what the outcome will be.

difficult to say at this stage what the outcome will be because that is really unclear to us both when it will happen when we will have an outcome and also what the outcome will be


that gives us encouragement that we're on the right track. Just the isolation of moving transactions is our focus, and we need to get those transactions to our beverage growth.

that gives us encouragement that we're on the right track just the isolation of moving transactions is our focus and we need to get those transactions through our beverage growth


And while you're in the growth mode, you're going to continue to invest in the brand as long as it makes sense when you're on this kind of a growth curve. So I know that both organizations are committed,

and while you're in the growth mode you're going to continue to invest in the brand as long as it makes sense when you're on this kind of a growth curve so i know that both organizations are committed


Starting this fiscal year, we stopped using categories to classify products into strategic and others, instead the only category we have is promoted

starting this fiscal year we stopped using categories to classify products into strategic and others instead the only category we have is promoted


Growth capital in this first half is low as a result of lower capital intensity of new contracts. This is expected to increase in the second half.

growth capital in this first half is low as a result of lower capital intensity of new contracts this is expected to increase in the second half


sold sometimes this year. And that is a prerequisite to then begin working with the federal government to get the permission to go from commission to operations.

sold sometime this year and that is a prerequisite to then begin working with the federal government to get the permission to go from commission to operations


We'll target strong Japanese leisure and inbound demand and contribute to regional vitalization. The image on the right reflects our domestic services.

will target strong japanese leisure and inbound demand and contribute to regional vitalization the image on the right reflects our domestic services


which involve risks and uncertainties and other factors that could cause Dyadic's actual results, performance, scientific or otherwise,

which involve risks and uncertainties and other factors that could cause dietex's actual results performance scientific or otherwise


For many clinical labs, the cost of offering some of these tests, whether run internally or referenced to other laboratories, often exceeds the reimbursement they receive

for many clinical labs the cost of offering some of these tests whether run internally or referenced to other laboratories often exceeds the reimbursement they receive


This improving trend in wireline is encouraging, and this comes before any expected bump from business activity that we might see with tax reform.

this improving trend in wireline is encouraging and this comes before any expected bump from business activity that we might see with tax reform


We've really modeled our margin a couple of different ways with the continued rate hikes. And if the December 1 was the last one, what did we expect?

we've really modeled our margin a couple of different ways with the continued rate hikes and if the december one was the last one what did we expect


The remaining lot entitlements via its ownership of 1 lot were controlled by Charter Hall, who operates a pub on its lot in the Cannon Park City Centre.

the remaining lot entitlements via its ownership of one lot were controlled by charter hall who operates a pub on its lot in the cannon park city center


I should note, with the Chancellor's announcement of reducing corporation tax rates in the future, that there will be a credit coming through in the second half of this year.

i should note with the chancellor's announcement of reducing corporation tax rates in the future that there will be a credit coming through in the second half of this year


I'll begin by walking you through our third quarter highlights and then provide an overview of the strategies we are executing to create long-term shareholder value.

i'll begin by walking you through our third quarter highlights and then provide an overview of the strategies we are executing to create long-term shareholder value


simply the cost over the life, but it's the savings in terms of efficiency. The other thing that we're finding they are very excited about

simply the cost over the life but it's the savings in terms of efficiency the other thing that we're finding they're very excited about


and have worked closely with surgeons to articulate the clinical benefits of the product through peer to peer educational events and hands on case training.

and have worked closely with surgeons to articulate the clinical benefits of the product through peer-to-peer educational events and hands-on case training


me turn it back to Joe now for some final comments. Thanks, Jason. It is the execution of our strategy that will allow us to earn a valuation premium for our shareholders.

let me turn it back to joe now for some final comments thanks jason it is the execution of our strategy that will allow us to earn evaluation premium for our shareholders


including the requirement to use the posted 5-year mortgage rate published by the Bank of Canada to determine borrower debt service ratios on all insured loans after October 17 this year.

including the requirement to use the posted 5-year mortgage rate published by the bank of canada to determine borrower debt service ratios on all insured loans after october 17 this year


to the temporary staffing industry, including payroll funding and outsourcing services that include payroll processing administration and invoicing. The staffing outsourcing business is a growing industry.

to the temporary staffing industry including payroll funding and outsourcing services that include payroll processing administration and invoicing the staffing outsourcing business is a growing industry


projects are generally geared towards that, although we've added quite a bit of NAO capacity over the past couple of years also. So we're thinking about how do we efficiently move these products into the market.

projects are generally geared towards that although we've added quite a bit of nao capacity over the past couple of years also so we're thinking about how do we efficiently move these products into the market


In Africa, we're driving physical availability by getting great quality Guinness in the right outlets at the right price, served cold and visible.

in africa we're driving physical availability by getting great quality guinness in the right outlets at the right price served cold and visible


But before I update you on our work, I want you to know that there is another priority that informs how we execute on our initiatives. That priority is returning to profitability.

but before i update you on our work i want you to know that there is another priority that informs how we execute on our initiatives that priority is returning to profitability


Now that our leadership team is in place, we started increasing our investments in our operational platforms, new solutions like our award-winning Ascendon digital services monetization platform

now that our leadership team is in place we started increasing our investments in our operational platforms new solutions like our award-winning accendon digital services monetization platform


Additionally, the team is pursuing growth on its existing gas and water business as well as crude gathering opportunities and new business opportunities in the Northwest STACK.

additionally the team is pursuing growth on its existing gas and water business as well as crude gathering opportunities and new business opportunities in the northwest stack


Just turning to the suspension of the dividend. If it's such a -- I guess, a smaller payout and considering where you are in terms of your cash and equivalents balance

just turning to the suspension of the dividend if it's such a i guess a smaller payout and considering where you are in terms of your cash and equivalent balance


is he's just been to every office and visited nearly every major account that we have around the globe. So with that fresh perspective, I think is probably the best way to be able to phrase and answer that.

as he's just been to every office and visited nearly every major account that we have around the globe so with that fresh perspective i think it's probably the best way to be able to phrase and answer that


specific to geographic areas in the vicinity of our Monro locations to identify high value potential customers and focus our marketing efforts on targeting them directly.

specific to geographic areas in the vicinity of our monro locations to identify high-value potential customers and focus our marketing efforts on targeting them directly


And look at the figures yourself, I don't would like to name them all. So we had in all the big markets relatively good growth,

and look at the figures yourself i don't would like to name them all so we had in all the big markets relatively good growth


This increase is related to the investments Brian mentioned earlier due to the impact of the higher number of dissertation students and the increased occupancy expenses, primarily higher property taxes.

this increase is related to the investments brian mentioned earlier due to the impact of the higher number of dissertation students and the increased occupancy expenses primarily higher property taxes


for next year? Is that the right way to think about it? And is there any way to quantify the administrative costs from the pre-claims review that you're factoring into the guidance for the back half?

for next year is that the right way to think about it and is there any way to quantify the administrative cost from the preclaims review that you're factoring into the guidance for the back half


and by proactive cost actions taken by MacDermid. As we look into 2016, we expect to see another strong year in industrial and automotive

and by proactive cost actions taken by mcdermott as we look into 2016 we expect to see another strong year in industrial and automotive


Growth in this product portfolio is also aided by some international expansion of these product offerings with orders in hand and a distribution plan now in place in Europe.

growth in this product portfolio is also aided by some international expansion of these product offerings with orders in hand and a distribution plan now in place in europe


I think you mentioned you see that evolving in second half. Maybe you could just give us a little more detail there. Just wondering if second half order book for wholesale is expected to be down overall.

i think you mentioned you see that evolving in second half maybe you could just give us a little more detail there just wondering if second half order book for wholesale is expected to be down overall


and that had an effect on customer confidence. What we can say is that we've seen our lead levels stay very strong. So inquiry is as strong as it has been in previous years,

and that had an effect on customer confidence what we can say is that we've seen our lead levels stay very strong so inquiry is as strong as it has been in previous years


Using these internally generated cash flows, we believe we are well positioned to execute on our current growth initiatives, including the TAH joint venture that we recently announced.

using these internally generated cash flows we believe we are well positioned to execute on our current growth initiatives including the th joint venture that we recently announced


Our results here tell a tale of 2 cities based on where we have applied our playbook and where we have not. The segment overall is up 50 basis points with frozen driving all of the growth.

our results here tell a tale of 2 cities based on where we have applied our playbook and where we have not the segment overall is up 50 basis points with frozen driving all of the growth


As we conducted our planning for 2016 in the late summer, broadly speaking, our options were to either remain static in terms of the size of the sales team

as we conducted our planning for 2016 in the late summer broadly speaking our options were to either remain static in terms of the size of the sales team


in our core business and compete effectively and win in those areas that we choose to compete on a stronger basis like in analytics.


So the perception is that WPG will bear the brunt of all of the store closures, when the reality is that the impact has been manageable, further evidencing the quality and stability of our portfolio.

so the perception is that wp g will bear the brunt of all these store closures when the reality is that the impact has been manageable further evidencing the quality and stability of our portfolio


This mix effects were mostly driven by the rebalancing of our FCC sales in the wake of the continuing customer outage and the effect of the polyolefin catalyst acquisition.

this mix effects were mostly driven by the rebalancing of our fcc sales in the wake of the continuing customer outage and the effect of the polyolefin catalyst acquisition


really crushing the first half numbers from last year. So should we expect a different cadence in the second half or a continuation of the real strong results we've seen in the first half?

you're really crushing the first half numbers from last year so should we expect a different cadence in the second half or continuation of the real strong results we see in the first half


which we don't expect to occur again. It's by far the largest we've ever taken. And also in the quarter, we had some moving costs associated with our commercial divisions moving to their new plants.

which we don't expect to occur again it's by far the largest we've ever taken and also in the quarter we had some moving costs associated with our commercial divisions moving to their new plants


Some of our comments today will be forward-looking statements within the meaning of the federal securities laws. Such statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect.

some of our comments today will be forward-looking statements within the meaning of the federal securities laws such statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect


We are excited about the outlook, and we are ready to deliver the best products and services to our customers and superior returns to our shareholders. Thank you very much for participating in the call.

we are excited about the outlook and we are ready to deliver the best products and services to our customers and superior returns to our shareholders thank you very much for participating in the call


or in our latest reports and filings with the Securities and Exchange Commission, each of which can be found on our website, avangrid.com. We do not undertake any duty to update any forward-looking statements.

or in our latest reports and filings with the securities and exchange commission each of which can be found on our website avangrid com we do not undertake any duty to update any forward-looking statements


after being negative in the first half of this year. I have to say that this is very much in line with expectations. This is a business where we have a

after being negative in the first half of this year i have to say that this is very much in line with the expectations this is a business where we have


when there was little more questions around some of the regulatory risk to it, stayed through and saw an opportunity to continue our capital

when there was a little more questions around some of the regulatory risks to it stayed through and saw an opportunity to continue our capital


we are pleased with our performance for the first half of 2017. And we are optimistic about our prospects for delivering continued growth and returns to our shareholders for the remainder of the year.

we are pleased with our performance for the first half of 2017 and we are optimistic about our prospects for delivering continued growth and returns to our shareholders for the remainder of the year


What we saw was a little bit of magnification as the result of the fact that they go to market through the distribution channel and that we believe some destocking took place there.

what we saw was a little bit of magnification as a result of the fact that they go to market through the distribution channel and that we believe some distocking took place there


Finally, I want to dive a little deeper into the developments within our content group, but I would like to do that in combination with our newly formed transaction business.

finally i want to dive a little deeper into the developments within our content group but i would like to do that in combination with our newly formed transaction business


Going on to the next slide, I'd like to speak a little bit about the agreement that we made in July with Nakilat of Qatar.

going on to the next slide i'd like to speak a little bit about the agreement that we made in july with nakhilat of qatar


to improve those metrics. We have added a new VP of Sales and a new Director of Sales to head up our dealer partners and direct sales groups.

to improve those metrics we have added a new vp of sales and a new director of sales to head up our dealer partners and direct sales groups


And so that installed capacity requires upgrades, software upgrades and they have to buy renewal. So because of all those reasons, we think that we have reached a level this year

and so that installed capacity requires upgrades software upgrades and they have to buy renewal so because of all those reasons we think that we have reached a level this year


just because of the advancements of our new investments. As I say, very profitable additional production is about to come on the second quarter of next year.

just because of the advancements of our new investments as i say very profitable additional production is about to come on the second quarter of next year


earnings reports here this week. Are those guideposts still on the table? And if so, Stefan, now that you've had a look under the hood for a while, where do you see the most opportunity to manage costs to get to that reality?

earnings reports here this week are those guideposts still on the table and if so stefan now that you've had a look under the hood for a while where do you see the most opportunity to manage cost to get to that reality


We completed a major dosing study that has helped us to decide the optimal drug dose that can provide optimal biological effect with the maximum safety margin.

we completed a major dosing study that has helped us to decide the optimal drug dose that can provide optimal biological effect with the maximum safety margin


what that is at this stage because when you go through a big launch year, there are lots of variables that get involved. So as we get into February, we'll start to put some additional color

what that is at this stage because when you go through a big launch year there are lots of variables that get involved so as we get into february we'll start to put some additional color


such as Global Cash Card and WorkMarket. Our leading position in the global HCM market continues to represent a significant opportunity for us.

such as global cash card and work market our leading position in the global hcm market continues to represent a significant opportunity for us


a simplified environment and then next-generation solutions that are much more efficient to operate, efficient -- more efficient to develop on

a simplified environment and then next generation solutions that are much more efficient to operate efficient -- more efficient to develop on


as we invest more in training them about our products and our way of doing business. Our best sales associates are extremely knowledgeable about our very broad product offerings,

as we invest more in training them about our products and our way of doing business our best sales associates are extremely knowledgeable about our very broad product offerings


As we look toward the rest of the year, we expect to continue to make capital investments to support our existing and new business initiatives, provide capacity to support our customers as they continue to expand their operations

as we look toward the rest of the year we expect to continue to make capital investments to support our existing and new business initiatives provide capacity to support our customers as they continue to expand their operations


and frankly, what problems they're solving in each of those verticals and how they can most easily create a frictionless service to build their business.

and frankly what problems they're solving in each of those verticals and how they can most easily create a frictionless service to build their business


based on various things that have happened. One on the equity side because we have been profitable, and the retained earnings are growing the equity base.

based on various things that have happened one on the equity side because we have been profitable and the retained earnings are growing the equity base


to provide supplier communications and support services using PRGX's Lavante supplier information management technology platform.

to provide supplier communications and support services using prgx's lavante supplier information management technology platform


we feel like we're better off walking away than trying to close something that we don't have great conviction around. So we have projects at each of those phases,

we feel like we're better off walking away than trying to close something that we don't have great conviction around so we have projects at each of those phases


couple of quick ones. So just going back to the Portland Terminal. Do they have to give you an answer one way or another? Or does this option just stay with them, and they can exercise it whenever?

couple quick ones so just going back to the portland terminal do they have to give you an answer one way or another does this option just stay with them and they can exercise it whenever


I think even on a flat volume in '17, we would expect our mobile business revenue to grow. And the reason for that is essentially

i think even on a flat volume in '17 we would expect our mobile business revenue to grow and the reason for that is essentially


Our current portfolio reduces our risks to the slowing China economy and positions us well in Australia, New Zealand and Korea.

our current portfolio reduces our risk to the slowing china economy and positions us well in australia new zealand and korea


That concludes my remarks. And I will now turn the call back to Linda. Thank you, John. Let me now share more details regarding our strategic projects, discuss the market environment

that concludes my remarks and i will now turn the call back to linda thank you john let me now share more details regarding our strategic projects discuss the market environment


And just a second question, if I may. In terms of what your sense is on the Chinese steel markets moving into the fourth quarter. I know that there's

and just a second question if i may in terms of what your sense is on the chinese steel markets moving into the fourth quarter i know that there's


about what Saga is doing well in the market at the moment. And in terms of the forward-looking projection, I think I can only say it's captured within the numbers that Jonathan has described for the year as a whole.

about what sagem is doing well in the market at the moment and in terms of a forward-looking projection i think i can only say it's captured within the numbers that jonathan has described for the year as a whole


I also have to say that I can't remember the last time that I was this optimistic about the future prospects of our growing platform or the talent within the organization.

i also have to say that i can't remember the last time that i was this optimistic about the future prospects of our growing platform or the talent within the organization


a greater benefit of the release of a few specific tax reserves due to the expiration of the statute of limitations, and a more positive state tax rate and other state adjustments.

a greater benefit of the release of a few specific tax reserves due to the expiration of the statute of limitations and more positive state tax rate and other state adjustments


or advertising. We've gone well beyond that, and we've done that because we've had the innovation programs to invest behind, and we've done it because it's worked. I would say today, we feel give very good about the level of investment

or advertising we've gone well beyond that and we've done that because we've had the innovation programs to invest behind and we've done it because it's worked i would say today we feel very good about the level of investment


how deep the analysis can go and how passionate people feel about the financial results of the company and doing the right thing for the company as well.


This includes our network and transportation. From a security perspective, we will implement generally in virtual private clouds or private instances on the public cloud infrastructure.

this includes our network and transportation from a security perspective we will implement generally in virtual private clouds or private instances on the public cloud infrastructure


Shifting to the technology transformation we started in 2018, it's critical to the delivery of all of our strategic imperatives and will provide us with substantial product delivery and cost advantages.

shifting to the technology transformation we started in 2018 it's critical to delivery of all of our strategic imperatives and will provide us with substantial product delivery and cost advantages


These outcomes simply reflects the current market conditions and some entrenched changes to the fortunes of a small number of our franchise brands.

and this outcome simply reflects the current market conditions and some entrenched changes to the fortunes of a small number of our franchise brands


O'Neil has just provided a detailed financial review of the quarter and the year as well as our revenue outlook for Q1. I will now provide some additional insight into the business of each of our reporting segments

o'neil has just provided a detailed financial review of the quarter and the year as well as our revenue outlook for q1 i will now provide some additional insight into the business of each of our reporting segments


Thank you, Pat. Good afternoon, everyone, and thank you for joining us to discuss our third quarter earnings results as well as several strategic initiatives we have underway.

thank you pat good afternoon everyone and thank you for joining us to discuss our third quarter earnings results as well as several strategic initiatives we have underway


But this isn't about us building only our community but inspiring and enabling others to create their own community based on their personal needs and interests.

but this isn't about us building only our community but inspiring and enabling others to create their own communities based on their personal needs and interests


The good news in all of this is the projects are moving forward. And so while they get stretched out a little bit, we know they're coming and we know they'll open up into the system.

the good news in all of this is the projects are moving forward and so while they get stretched out a little bit we know they're coming and we know they'll open up into the system


Statements made in today's conference call and webcast may constitute forward-looking statements which relate to future events or our future performance or financial condition.

statements made in today's conference call and webcast may constitute forward-looking statements which relate to future events or our future performance or financial condition


The improvements to adjusted EBITDA continue to be driven by our Enterprise business, which enjoys excellent unit economics and is consistently increasing as a proportion of total revenue.

the improvements to adjusted ebitda continue to be driven by our enterprise business which enjoys excellent unit economics and is consistently increasing as a proportion of total revenue


ready to give up the ghost and conclude that we could never achieve critical mass there. So I think it's activity driven more than anything else.

ready to give up the ghost and conclude that we could never achieve critical mass there so i think it's activity driven more than anything else


And we've got other solutions but it didn't fit into their vehicle classes. I know they're working that as really there are major issue that they've got to overcome before they can launch.

we've got other solutions but it didn't fit into their vehicle classes so i know they're working that as really their major issue that they've got to overcome before they can launch


kind of mid to late March. And as we got into it, we saw some of the categories that have been growing well are still growing well, just not increasing at the capacity we thought.

kind of mid to late march and as we got into it we saw some of the categories that have been growing well are still growing well just not increasing at the capacity we thought


The automotive OEM business made good progress in implementing selling price increases, realizing sequentially higher price in each major region of the world.

the automotive oem business made good progress in implementing selling price increases realizing sequentially higher price in each major region of the world


But these initiatives are intended to support and strengthen our economic model and set us up to execute our strategic plan and deliver long-term shareholder value. We'll share more details with you later this quarter.

but these initiatives are intended to support and strengthen our economic model and set us up to execute our strategic plan and deliver long-term shareholder value we'll share more details with you later this quarter


stations that are strong, that have a cultural fit with us, i.e., the San Diego transaction that we did. But we are also in small markets now with the London transaction. We do know how to operate those businesses.

stations that are strong that have a cultural fit with us i e the san diego transaction that we did but we are also in small markets now with the london transaction we do know how to operate those businesses


to the country teams, are in decline. And we have seen a negative development in the license business for football clubs, particularly driven by the exit of Chelsea,

to the country teams are in decline and we have seen a negative development in the license business for our football clubs particularly driven by the exit of chelsea


And looking forward, we expect continued growth from Natural American Spirit as the brand benefits from increased consumer engagement and growing awareness of the brand's unique values.

and looking forward we expect continued growth from natural american spirit as the brand benefits from increased consumer engagement and growing awareness of the brand's unique values


Well yes, I mean, certainly the cloud-based nature of it, the fact that we can deliver it at price point that absolutely generates value for both our clients and our investors, but also

well yes i mean certainly the cloud-based nature of it the fact that we can deliver it at a price point that absolutely generates value for both our clients and our investors but also


and then focus on the drawns and the drawns depend upon country, segment, city. And it makes for an interesting

and then focus on the drawings and the drawings depend upon country segment city and it makes for an interesting


Make sense. Okay. The other question was on the drilling side. I didn't hear if you mentioned on the contracts for the new rigs, if there was a duration amount and in general, if you could comment.

makes sense okay another question was on the drilling side i didn't hear if you mentioned on the contracts for the new rigs if there was a duration amount and in general if you could comment


the life insurance market. I'm going to focus on the periodic premium. This is what is of greatest interest to us and I think to you as well. For several years, we've seen

the life insurance market i'm going to focus on the periodic premium this is what is of greatest interest to us and i think to you as well for several years we've seen


this work very well. So I think that's what is needed, and so now it's not going to take another year to get there because now we have some competition here.

make this work very well so i think that's what is needed and so no it's not going to take another year to get there because now we have some competition here


The sophistication of our analytics and the extensive experience of our team, which spans over 12 years, has allowed us to effectively manage credit quality through product launches,

the sophistication of our analytics and the extensive experience of our team which spans over 12 years has allowed us to effectively manage credit quality through product launches


And so if we were to do an acquisition, I would be inclined to pursue the path where you're getting maximum shareholder appreciation.

and so if we were to do an acquisition i would be inclined to pursue the path where you're getting maximum shareholder appreciation


there's a lot of factors, there's a lot of things that are happening in the region, and we have a lot of stakeholders that we will continue to discuss as part of this process.

there's a lot of factors there's a lot of things that are happening in the region and we have a lot of stakeholders that we will continue to discuss as part of this process


and it's obviously just extraordinarily important relative to its outcomes for how we run the business and what we do with capital, which is, obviously, a hugely important

and it's obviously just extraordinarily important relative to its outcomes for how we run the business and what we do with capital which is obviously a hugely important


Our company has anticipated increased competition, and we are focused on understanding the market's needs and excelling in delivering products and services today and in the future that meet them.

our company has anticipated increased competition and we are focused on understanding the market's needs and excelling in delivering products and services today and in the future that meet them


of '19, that is going to be a purchase. That's the first one that we've had. As we move forward with these other distribution centers, we'll look at those on an individual basis

of '19 that is going to be a purchase that's the first one that we've had as we move forward with these other distribution centers we'll look at those on an individual basis


We believe this plan will allow us to achieve the rule of 40 by 2020. We have entered into an agreement with Silver Lake,

we believe this plan will allow us to achieve the rule of 40 by 2020 we have entered into an agreement with silver lake


I still believe that the strategic framework of the Greatness Agenda is the path to changing that top line trend over time, and our associates feel the same way.

i still believe that the strategic framework of the greatness agenda is the path to changing that top line trend over time and our associates feel the same way


the day prior, we're unable to provide specific statistical updates on a regular basis. The release of this information is managed through a very formal process by our client,

the day prior we're unable to provide specific statistical updates on a regular basis the release of this information is managed through a very formal process by our client


We also expanded our online aggregator relationships which includes UberEATS to over 100 restaurants to enable customers to place delivery and pickup orders through the channel and application of their choice.

we also expanded our online aggregator relationships which includes zubareads to over 100 restaurants to enable customers to place delivery and pickup orders through the channel and application of their choice


This all adds up to our dynamic, thriving company with leverage to help us achieve and sustain profitability. These are exciting times here at Codexis with more to come.

this all adds up to our dynamic thriving company with leverage to help us achieve and sustain profitability these are exciting times here at cadexis with more to come


So we actually have had a lot of inbound interest here in a short period of time. We've probably looked at probably 20 or 30 properties that have been on market or maybe off market for transactions.

so we actually have had a lot of inbound interest here in a short period of time we've probably looked at probably 20 or 30 properties that have been on market or maybe off market for transactions


of our new nationwide initiative to begin advocating for a range of government policies aimed at helping former inmates successfully reenter society and stay out of prison.


few restaurant companies that hasn't mentioned the word at all about value. And it does seem like value is what is driving the customer, whatever that means for each individual brand, respectively.

one of the few restaurant companies that hasn't mentioned the word at all about value and it does seem like value is what is driving the customer whatever that means for each individual brand respectively


As part of that, I set out some clear objectives including taking quick and decisive actions to unlock our value of our technology, assets and people.

as part of that i set out some clear objectives including taking quick and decisive actions to unlock our value of our technology assets and people


which standardizes contracted revenue recognition across companies worldwide, we now provide revenue breakdowns of our OTT streaming and related digital revenues.

which standardized contract -- contracted revenue recognition across companies worldwide we now provide revenue breakdowns of our ott streaming and related digital revenues


digital distribution business? And I think it's considerably smaller, but maybe what you're seeing there in terms of growth

digital distribution business and i think it's considerably smaller but maybe what you're seeing there in terms of growth


While the recent financial and global market volatility may have impacted December selling period, we have seen more consistency as we started this new calendar year.

while the recent financial and global market volatility may have impacted the december selling period we have seen more consistency as we started this new calendar year


Okay, I'll say something and then turn over to Tom. We had flagged that this was again temporary this year while a very sizable

okay i'll say something and then turn over to tom we had flagged that this was again temporary this year by a very sizable


global downturn. So we think the backlog is strong and the backlog supports the build rates. And our customers, we know, they've been very public about it, they believe that as well.

global downturn so we think the backlog is strong and the backlog supports the build rates and our customers we know they've been very public about it they believe that as well


Looking at the auto portfolio. We have previously announced that we were embarking on a path to restructure our auto business and that, that the process would take place

looking at the auto portfolio we had previously announced that we were embarking on a path to restructure our auto business and that that process would take place


a disclosure of something called corporate as an offset within the sales category. Could you sort of just explain to those of us who don't know what that is?

a disclosure of something called corporate as an offset within the sales category could you sort of just explain to those of us who don't know what that is


as well as Milka in China, which continued to perform well. Approximately 60% of our year-to-date revenue grew or held share in this category.

as well as milka in china which continued to perform well approximately 60% of our year-to-date revenue grew or held share in this category


are all in line with our expectations for 2016. Margins in marketing are at the high end as fuel volumes continue to grow. However,

are all in line with our expectations for 2016 margins in marketing are at the high end as fuel volumes continue to grow however


And again, if you ever get a chance, come on out here and visit us. We're pretty proud of what we do. And we got a pretty unique team. So

and again if you ever get a chance come on out here and visit us we're pretty proud of what we do and we got a pretty unique team so


Both have kicked in. KLA certainly is a bigger portion since we started that agreement middle of last year, and Nordson is a very recent agreement that just started.

both have kicked in kr certainly is a bigger portion since we started that agreement middle of last year nordson is a very recent agreement that just started


we're not using Paderno as a high velocity, low-margin traffic driving brand. This is a brand that we'd like to have as one of the best if not the best

we're not using poderno as a high-velocity low-margin traffic-driving brand this is a brand that we'd like to have as one of the best if not the best


in terms of meeting our objectives as well as a number of other things. And I wasn't trying to be -- I wasn't trying to be

in terms of meeting our objectives as well as a number of other things and i wasn't trying to be -- i wasn't trying to be


strengthening our professional relationship advantages as well as having the strongest team of frontline sales representatives in this category.


Our approach will increasingly leverage our recent technology investments and related initiatives to deliver exceptional client experiences and provide banking services anytime,

our approach will increasingly leverage our recent technology investments and related initiatives to deliver exceptional client experiences and provide banking services any time


On the credit loss ratio, we expect that our high quality advances book and excellent collections teams will continue to evidence themselves in a low credit loss ratio,

on the credit loss ratio we expect that our high-quality advances book and excellent collections teams will continue to evidence themselves in a low credit loss ratio


In Precision Devices, we continue to execute our playbook and drive strong revenue growth and operating margin improvement, both organically and through tuck-in acquisitions.

in precision devices we continued to execute our playbook and drive strong revenue growth and operating margin improvement both organically and through tuck-in acquisitions


starting to struggle in terms of pushing through price. Like to get your views on that. And then in terms of the near term on Industrial, how do you feel about the landscape right now? There's some pressures in the environment.

starting to struggle in terms of pushing through price like to get your views on that and then in terms of the near term on industrial how do you feel about the landscape right now there's some pressures in the environment


During the fourth quarter alone, we rolled out a new digital banking platform and a number of enhancements to our accounting system with a new general ledger and accounts payable system,

during the fourth quarter alone we rolled out a new digital banking platform and a number of enhancements to our accounting system with a new general ledger and accounts payable system


The increasing buying power with landlords should enable our franchisees to secure more favorable terms, which will further improve their returns.

increasing buying power with landlords should enable our franchisees to secure more favorable terms which will further improve their returns


It's being able to use our retail brokerage to really go out and get into that market space, get in front of these stock plan participants, early and often.

it's being able to use our retail brokerage to really go out and get into that market space get in front of these stock plan participants early and often


that are helping to grow new consumer accounts and some of the other sort of digital and other things you guys have invested in that are actually starting to pay some dividend this year?

that are helping to grow new consumer accounts and some of the other sort of digital and other things you guys have invested in that are actually starting to pay some dividends this year


pricing, but still very strong for the majority of our international production. And on the gas side, things remain relatively stable. If you look at the chart on the right-hand side,

pricing but still very strong for the majority of our international production and on the gas side things remain relatively stable if you look at the chart on the right-hand side


but aggressive approach in our actions. Though it's still early days, the steps we have taken, and those we will continue to take, will further strengthen our position in our core offerings

but aggressive approach in our actions though it's still early days the steps we have taken and those we will continue to take will further strengthen our position in our core offerings


probably increase a little bit more. You may see a little bit more virtual because that's where we've seen more of the growth in the last few years. But they're still -- field resources would continue to go up as well.

probably increase a little bit more you may see a little bit more virtual because that's where we've seen some -- more of the growth in the last few years but there's still field resources would continue to go up as well


With these categorizations, we aim to clearly distinguish between businesses suitable for rebuilding, businesses for divestment and so on.

with these categorizations we aim to clearly distinguish between businesses suitable for rebuilding businesses for divestment and so on


I don't think investors should take the view that because we haven't changed it after a couple of quarters of overperformance, that we think there's a cap there. I think it's a matter of just

i don't think investors should take the view that because we haven't changed it after a couple of quarters of overperformance that we think there's a cap there i think it's a matter of just


It will bring product expertise closer to the customer, and it will include a delivery model that supports industry-leading speed of service. In short,

it will bring product expertise closer to the customer and it will include a delivery model that supports industry-leading speed of service in short


Moving forward to our natural gas business. We expect a decline in overall system volumes through 2016 as our system outlook is affected by reduced drilling from producers in and around our assets.

moving forward to our natural gas business we expect a decline in overall system volumes through 2016 as our system outlook is affected by reduced drilling from producers in and around our assets


in December quarter. The company is working on our tax structure to leverage our overseas expansion, which may reduce our tax rate in the coming year.

in december quarter company is working on our tax structure to leverage our overseas expansion which may reduce our tax rate in the coming year


definitely a lot of energy coming from this business. HOVR also expanded into our sports style footwear category with the launch of SLK, which strikes the perfect balance between sport and street style,

definitely a lot of energy coming from this business however also expanded into our sport style footwear category with the launch of slk which strikes the perfect balance between sport and street style


From product, retail and sales to our regions, categories and the functions that support them globally, we are working single-mindedly and driving resolutely into our next chapter.

from product retail and sales to our regions categories and the functions that support them globally we are working single-mindedly and driving resolutely into our next chapter


there's not necessarily any significant event that should really shift things from one quarter to another, as we see it today. So I'd anticipate a more

there's not necessarily any significant event that should really shift things from one quarter to another as we see it today so i anticipate a more


I'll then hand the call over to Mike for comments on Puerto Rico and an in-depth look at the operating environment, and we'll close with some comments from Matt on the balance sheet and guidance.

i'll then hand the call over to mike for comments on puerto rico and an in-depth look at the operating environment and we'll close with some comments from matt on the balance sheet and guidance


Our outlook for Woodward's overall operational performance is unchanged, improved Aerospace performance is being offset by weaker Industrial performance.

our outlook for woodward's overall operational performance is unchanged improved aerospace performance is being offset by weaker industrial performance


the overall net impact setting aside kind of the gross revenue and gross expenses that will bring on, just from the underlying business platform itself,

the overall net impact setting aside kind of the gross revenue and gross expenses that we'll bring on just from the underlying business platform itself


It -- you can't move to manufacturing mode until you have the infrastructure and the takeaway capacity to allow you to do it. And so we've already contracted

it -- you can't move to manufacturing mode till you have the infrastructure and the takeaway capacity to allow you to do it and so we've already contracted


To be clear, when we talk about free cash flow, we're including only operational cash flows. We're not relying on an assist from asset sales.

to be clear when we talk about free cash flow we're including only operational cash flows we're not relying on an assist from asset sales


We have used our financial capacity and management focus to acquire assets and extend relationships that answer most of the key questions you have been asking us for more than a year.

we have used our financial capacity and management focus to acquire assets and extend relationships that answer most of the key questions you have been asking us for more than a year


In our portfolio, we've only 5 stores which were part of these announcements. Let me break that down a little bit. Two of those 5 were natural lease expirations that we anticipated getting back,

in our portfolio we have only 5 stores which were part of these announcements and let me break that down a little bit 2 of those 5 were natural lease expirations that we anticipated getting back


A number of development wells at Quifa Southwest, originally planned for the first half of 2018 have been deferred to the second half of the year

a number of development wells at kefa southwest originally planned for the first half of 2018 have been deferred to the second half of the year


I would say that January has been a little softer as it relates to pricing than in years past. But this being said, we haven't taken any rate decreases. A few of our bids

i would say that january has been a little softer as it relates to pricing than in years past but this being said we haven't taken any rate decreases a few of our bids


We're continuing to deliver free cash flow and even though Q1 was expected to be the weakest quarter of the year, and will be the weakest quarter of the year,

we're continuing to deliver free cash flow and even though q1 was expected to be the weakest quarter of the year and will be the weakest quarter of the year


And I just wanted to touch a little bit on those before I go into the presentation. So Jim touched on safety. It's something we stress every day, and it's something we strive for zeros,

and i just wanted to touch a little bit on those before i go into the presentation so jim touched on safety it's something we stress every day and it's something we strive for zeros


the benefits of our capital investment programs. ExGen had a great operational quarter, with the nuclear fleet producing more power ever in a quarter.

the benefits of our capital investment programs xgen had a great operational quarter with the nuclear fleet producing more power ever in a quarter


several transactions that are well within our historical yield range, including at least one that we expect to close in the very near future.

several transactions that are well within our historical yield range including at least one that we expect to close in the very near future


In late September, this same customer announced its decision to dissolve its 50-50 joint venture with American Airlines, which is a major engine overhaul shop.

in late september this same customer announced its decision to dissolve its 50-50 joint venture with american airlines which is a major engine overhaul shop


The fundamental demand outlook remains solid. It is supported by both private construction activity and a defined slate of public transportation projects.

the fundamental demand outlook remains solid it is supported by both private construction activity and a defined slate of public transportation projects


Thanks, Barry, and good morning, everyone. As Barry highlighted, EnLink delivered solid results this quarter, and we are on track and in line with where we expected to be at this time of the year.

thanks barry and good morning everyone as barry highlighted enlink delivered solid results this quarter and we are on track and in line with where we expected to be at this time of the year


On this slide, we are providing you with an overview of main CapEx projects. And do not worry, I will not go into each and every detail of every sentence.

on this slide we are providing you with an overview of main capex projects and do not worry i will not go into each and every detail of every sentence


A lot of the CapEx you see is going into the glass facilities. It's not only all increase of capacities. It's very clearly also

a lot of the capex you see is going into the glass facilities it's not only all increase of capacity it's very clearly also


Many of our key markets were under pressure when compared to the prior year, including paper manufacturing, mining, transportation equipment and chemical manufacturing.

many of our key markets were under pressure when compared to the prior year including paper manufacturing mining transportation equipment and chemical manufacturing


One with the National Park Service, one with a large Western U.S. city and another from a major Texas electrical utility. This is just the tip of the iceberg.

one with the national park service one with a large western u s city and another from a major texas electrical utility this is just the tip of the iceberg


After adjusting for the tax reform charges, we had a low effective tax rate, which was positively impacted by a credit in Hungary.

after adjusting for the tax reform charges we had a low effective tax rate which was positively impacted by credit -- credit in hungary


As you know, we decided to acquire the Diversified stations using the auction proceeds, which makes the acquisition of these very strong stations and their cash flows essentially leverage neutral.

as you know we decided to acquire the diversified stations using the auction proceeds which makes the acquisition of these very strong stations and their cash flows essentially leverage neutral


financial information calculated in accordance with GAAP. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures

financial information calculated in accordance with gaap a reconciliation of non-gaap financial measures to the most directly comparable gaap financial measures


we're looking at areas where our grocers are not investing and where they are and making sure that we're focused on -- that our anchors continue to invest in their locations.


geographical areas where we expect that to be possible. We have also launched some new products, which we think and we see that they are interesting to customers.

geographical areas where we expect that to be possible we have also launched some new products which we think and we see that they are interesting to customers


regard, do you believe that in the next year or couple of years, you will see more of these actions regarding corporate governance in the

regard do you believe that in the next year or a couple of years you will see more of these actions regarding corporate governance in the


I believe is, also encouraging. Backlog is a metric that allows us to internally forecast future sales growth.

i believe is also encouraging backlog is a metric that allows us to internally forecast future sales growth


We expect to recognize cost efficiencies to the other supply chain, and we leverage best practices from both organizations to drive operational improvement across the business.

we expect to recognize cost efficiencies throughout our supply chain and will leverage best practices from both organizations to drive operational improvement across the business


Data analytics and digital retailing, marketing and consumer brands are now operated under a single executive leadership focused on one customer.

data analytics and digital retailing marketing and consumer brands are now operated under single executive leadership focused on one customer


I'm also pleased to report that none of our employees suffered any injuries as a result of the storm, again, a testament to our safety culture at both work and home.

i'm also pleased to report that none of our employees suffered any injuries as a result of the storm again a testament to our safety culture at both work and home


but more importantly, existing accounts more frequently. And so with a larger team in place, we can go deeper in psychiatry and neurology than we have been able to

but more importantly existing accounts more frequently and so with a larger team in place we can go deeper in psychiatry and neurology than we have been able to


But we now believe the increased promotions, instead of increasing traffic, were having the opposite effect on our business over the last 4 quarters.

but we now believe the increased promotions instead of increasing traffic were having the opposite effect on our business over the last 4 quarters


I guess I would argue that the last couple of years have seen rapid evolution in retail where maybe your categories were moving online, but I think consumers are becoming increasingly price aware.

i guess i would argue that the last couple of years have seen rapid evolution in retail where maybe your category isn't moving online but i think consumers are becoming increasingly price aware


What I can assure you is that through our quarterly earnings calls, we will keep you abreast of both the successes and challenges that we experience as we go forward.

what i can assure you is that through our quarterly earnings calls we will keep you abreast of both the successes and challenges that we experience as we go forward


While our focus will be primarily on the best tier, as this is typically the most important for our core customer, our goal is to be able to serve all customers at the highest level.

while our focus will be primarily on the best tier as this is typically the most important for our core customer our goal is to be able to serve all customers at the highest level


For lack of comparability reasons, there's not a lot of productive commentary we can add to the legal entity results. Please feel free to go through them at your leisure.

for lack of comparability reasons there's not a lot of productive commentary we can add to the legal entity results please feel free to go through the management


Single family home construction will continue its recovery, although we continue to expect variance in this segment, driven by labor and land availability.

single-family home construction will continue its recovery although we continue to expect variance in this segment driven by labor and land availability


resolve the reimbursement issues, they buy in low volume, so that they see how they get paid, how long it takes. So

resolve the reimbursement issues they buy in low volume so that they see how they get paid how long it takes so as


we feel confident that we can continue to expand Dedicated EBIT by focusing on driving improvement to the operational fundamentals of the sub-performing accounts.

we feel confident that we can continue to expand dedicated ebit by focusing on driving improvement to the operational fundamentals of the subperforming accounts


So very important for us to be a part of the community and do outreaches. We get involved in some of the charity fund raising events that are locally within our neighborhoods. A

so it's very important for us to be a part of the community and do outreaches we get involved in some of the charity fundraising events that are locally within our neighborhoods


In Logistics, we continue to focus on profitability over volumes with an active focus on credit risk as counter-party risk within the industry is at historical high levels.

in logistics we continue to focus on profitability over volumes with an active focus on credit risk as counterparty risk within the industry is at historical high levels


It will be the same amount as last year. We have not announced this limit. It is a limit that allows us to operate

it will be the same amount as last year we have not announced this limit it is a limit that allows us to operate


there's no question that we will provide a higher level of service if we are less committed.


What I can just state is that we are going to be extremely cautious with our commercial costs next year as well. We want this market to get into a kind of repair.

what i can just state is that we are going to be extremely cautious with our commercial costs next year as well we want this market to get into a kind of repair


application in production on the platform very quickly, then they tend to expand rapidly. And as that expansion takes place, we can hand off to our SI partners

applications in production on the platform very quickly then they tend to expand rapidly and as that expansion takes place we can hand off to our si partners and


From an operational perspective, I feel good about how the year is progressing. Our businesses are all performing very well and are navigating their respective market environments confidently.

from an operational perspective i feel good about how the year is progressing our businesses are all performing very well and are navigating their respective market environments confidently


But when you look at what we did in terms of the update at the end of the year last year, we feel pretty good about our position and our cash outflow associated with it

but when you look at what we did in terms of the update at the end of the year last year we feel pretty good about our position and our cash outflow associated with it


certainly, '19, '20, that productivity gains will be also reinvested in the company in the first place in order to get

certainly '19 '20 that productivity gains will be also reinvested in the company in the first place in order to get


We believe this excess cash balance provides a hedge in uncertain economic times as well as providing dry powder to capitalize on attractive investment opportunities as they arise.

we believe this excess cash balance provides a hedge in uncertain economic times as well as providing dry powder to capitalize on attractive investment opportunities as they arise


the news about the results of the company for the first 6 months and second quarter of the year. We have a good performance and we're happy

news about the results of the company for the first 6 months and second quarter of the year we have a good performance and we are happy


A key step in building that team was our November launch of Category Management University, our core training program for buyers and assistant buyers to build strong foundational capabilities.

a key step in building that team was our november launch of category management university a core training program for buyers and assistant buyers to build strong foundational capabilities


The first exploratory trial we plan to run in this setting is ZENITH-1, and it's planned to begin this summer. Bill will go into more detail on this and the rationale in a moment.

the first exploratory trial we plan to run in this setting is zenith-1 and it's planned to begin this summer bill will go into more detail on this and the rationale in a moment


is that what we should expect, to see a much faster growth rate for you guys in California? And is your pricing in California in the Marketplaces reflective of what you've done across the country?

is that what we should expect to see a much faster growth rate for you guys in california and is your pricing in california in the marketplace is reflective of what you've done across the country